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Gold Up 0.15 to $1,268.80/Ounce, Nears Seven-week High

Gold, on Friday, August 4,  held steady close to a seven-week high hit earlier this week, as the dollar eased to hover near multi-month lows ahead of monthly U.S. nonfarm payrolls data due later and amid continuing U.S. political uncertainty.

Spot gold had risen 0.1 percent to $1,268.80 per ounce by 0647 GMT. It was on track to end the week almost unchanged.U.S. gold futures for December delivery climbed 0.1 percent to $1,275.30 per ounce.“Investors are cautious ahead of the data that’s coming out  of the U.S. on Friday and that is why it’s been a bit quiet,” said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore.

Spot gold may test support at $1,264 per ounce, a break below which could cause a further loss to the next support at $1,258, according to Reuters technical analyst, Wang Tao.Among other precious metals, silver rose 0.4 percent to $16.68 per ounce, after falling to a one-week low in the previous session.Platinum climbed 0.3 percent to $963.49 per ounce and was on track to gain more than 3.5 percent this week. It matched its June 6 high of $967.50 an ounce during the session, the strongest level since late April. Palladium was steady around $885 per ounce, up less than 1 percent this week.

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